§ 34. Optional Forms of Retirement Income.

(1)

In lieu of the amount and form of retirement income payable pursuant to Section 7, "Permanent Disability Pension; Not in Line of Duty"; Section 9, "Permanent Disability Pension; in Line of Duty"; or Section 12, "Service Requirement for Voluntary Retirement"; and in lieu of the benefits provided upon the death of the member pursuant to Section 14 and Section 35, "10 Year Certain Guarantee", a Firefighter, upon written request to the Board of Trustees, may elect to receive a retirement income or benefit payable in accordance with one of the following options:

(a)

That amount of monthly pension the firefighter is entitled to receive pursuant to Section 7, "Permanent Disability Pension; Not in Line of Duty"; or Section 9, "Permanent Disability Pension; in Line of Duty"; or Section 12, "Service Requirement for Voluntary Retirement," payable until the firefighter's death with the last payment being made on the first of the month preceding the firefighter's death, except that, in the event the firefighter dies after retirement but before he or she has received retirement benefits for a period of 10 years (120 monthly payments including DROP accruals), the same monthly benefit shall be paid to the firefighter's beneficiary or beneficiaries designated pursuant to Section 32, "Beneficiaries", for the remainder of such 10-year period. Those payments, if any, upon the death of the member shall begin on the first day of the month immediately following the member's death regardless of the age of the deceased member.

(b)

A retirement income of larger monthly amount of actuarial equivalent value to Section 34(1)(a) payable to the retiree for his lifetime only.

(c)

A retirement income of a modified monthly amount of actuarial equivalent value to Section 34(1)(a), payable to the retiree during the joint lifetime of the retiree and a joint pensioner designated by the retiree, and following the death of either of them, one hundred percent (100%), seventy-five percent (75%), sixty-six and two-thirds percent (66 2/3 %), or fifty percent (50%) of such monthly amount payable to the survivor for the lifetime of the survivor regardless of marital status, provided:

(i)

The Firefighter upon electing any one of the four (4) options of this subparagraph will designate the joint pensioner to receive the benefit, if any, payable under the plan in the event of his death, and will have the power to change such designation from time to time. Such designation will name one joint pensioner. A Member may change his joint pensioner at any time. If a Firefighter has elected an option with a joint pensioner and his retirement income benefits have started, he may thereafter change his designated joint pensioner at any time, but may only change his joint pensioner and not the option previously selected. The consent of a Firefighter's joint pensioner to any such change shall not be required. Upon change of a retiree's joint pensioner in accordance with this section, the amount of the retirement income payable to the retiree shall be actuarially redetermined to take into account the age of the former joint pensioner, the new joint pensioner and the retiree and to ensure that the benefit paid is the actuarial equivalent of the present value of the retiree's then-current benefit at the time of the change. Any such retiree shall pay the actuarial recalculations expenses, after the second change. Each request for a change shall be made in writing on a form prepared by the Board and on completion must be filed with the Board of Trustees.

(2)

Retirement income payments shall be made under the option elected in accordance with the provisions of this section and shall be subject to the following limitations.

(a)

If a Firefighter dies prior to his normal retirement date, no benefit will be payable under the option to any person, but the benefits, if any, will be determined under Section 14 and Section 35(1) or (2).

(b)

If the designated beneficiary (or beneficiaries) or joint pensioner dies before the Firefighter's retirement and receipt or DROP accrual of benefits under the plan, the option elected will be canceled automatically and a retirement income of Section 14 and Section 35(1) or (2) will be payable to the Firefighter upon his retirement as if the election had not been made, unless a new election is made in accordance with the provisions of this section or a new beneficiary or new joint pensioner is designated by the Firefighter prior to his retirement.

(c)

If a Firefighter continues beyond his normal retirement date and dies prior to his actual retirement or entry into DROP and while a Section 34(1)(b) life only option or Section 34(1)(c) joint pensioner option made pursuant to the provisions of this section is in effect, monthly retirement income payments will be made, or a retirement benefit will be paid, under the Section 14 and Section 35(1) or (2) in the amount or amounts computed as if the Firefighter had retired under such option on the date on which his death occurred.

(d)

No Firefighter may make any change in his retirement option after the date of cashing or depositing his first retirement check, or after the first DROP accrual.

(3)

If a member elects the Section 34(1)(a) life with ten (10) years certain form of payment, or the Section 34(1)(b) life only form of payment, or the Section 34(1)(c) joint pensioner form of payment, the rights of the surviving spouse and issue, and dependent parents for benefits under Section 14, "Benefits Payable Upon Death of Member", shall cease, unless the member changes such election in writing filed with the board of trustees prior to receipt of pension benefits, including DROP accrual, or prior to the member's death, whichever comes first.

(Ord. of 1-14-2008, § 15, Doc. # 0801141004; Ord. of 10-18-2010, § 3, Doc. #1010181101)